Consumer prices for the month of September 2022

The development of consumer prices in Curaçao for the month of September 2022  


WILLEMSTAD - The figures from the Central Bureau of Statistics (CBS) announced today show that the price level in September 2022 increased by 0.4 percent compared to August 2022 and the inflation rate rose to 6.3 percent in September 2022. 


Price development month September 2022 compared to the previous month August 2022  


The consumer price index (CPI) of Curaçao increased by 0.4 percent in the month of September 2022, compared to the month of August 2022, developing from 116.1 in August 2022 to 116.6 in September 2022.  


In September 2022, most spending categories have become more expensive, with the exception of the transport and communication spending category (-2.9%). The most important price changes during the month of September 2022 are the increase in the price of food (2.1%), housing (1.6%), recreation and development (1.4%), kerosene (11.8%), electricity (3 .6%), water (3.8%), and the price of gasoline (-11.5%) and diesel (-15.4%) becoming cheaper. 


Price development September 2022 compared to September 2021  


The September 2022 CPI (116.6) is 9.3 percent higher than the September 2021 CPI (106.7). These figures indicate that the cost of living will be 9.3 percent higher in September 2022 than in the same month of 2021. The categories that contributed most to this growth are food (15.0%), home furnishings and household goods (12.7%), and transport and communications (10.5%).  


Long-term price development: inflation August 2022  


Inflation is a reflection of the loss of money value, i.e., purchasing power, because consumer prices for products and services rise over a longer period of time (usually 12 months). The inflation rate is therefore an indication of the average increase in the cost of living and is therefore recommended as an indexing tool for salaries, pensions, social benefits, minimum wage and other incomes.  


Inflation in a given month is calculated by comparing the 12-month average CPI in that month with the 12-month average CPI in the same month a year earlier. Measured over the twelve-month period up to and including September 2022, compared to the same period a year earlier, consumer prices increased by an average of 6.3 percent in September 2022: the 12-month average CPI has developed from 104.9 in September 2021 to 111.5 in September 2022. 

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